According to Debt Management Office, Nigeria’s Current Debt Stands at N25.7 Trillion Or $84.26BN. This was reiterated during the online interactive session initiated by Ajuri Ngilale, Senor Special Assistance to The President on Public Affairs.
While responding to a question about Nigeria’s debt profile from a twitter handle during the interactive session tagged @AskAjuri, Ajuri took his time to clarify issues pertaining to Nigeria’s debt profile.
“In 2010, Our National Debt Was $35 Billion USD. By 2014, Our National Debt had ballooned To $67.7 Billion USD. That’s $32 Billion Dollars Of Debt Added DURING AN OIL BOOM With High Revenues And No Commensurate Infrastructure/Investment” Ajuri said.
Ajuri went further to say “From 2014 To Date, Nigeria Has Added $18 Billion Dollars and that leaves us at the current $84.2 Billion USD. Far Less Money Added To The Debt At A Time Of Recession & Low Revenues And We Still Spent The Highest Capital Release On Infrastructure Around Nigeria In History.”
“2nd Niger Bridge, Lagos-Ibadan Expressway, Lagos-Ibadan Railway, Warri-Itake Rail Revival, Bonny-Bodo Road, New Airport Terminals From Port Harcourt To Abuja, Kano/Enugu/Lagos Will Be Finished By June 2020 etc.”
Remembering what happened prior to 2019 Presidential Election, Ajuri said “What Twitter Trolls Tried To Sell Us During The Campaign Were The Following Debt Figures: 2015: N12.2 Trillion 2019: N25.7 Trillion “THEREFORE, DEBT HAS DOUBLED UNDER @MBuhari!!” They Exclaim. They Will Not Tell You To Adjust For The Rate Of Currency Devaluation.
“They Will Not Want You To Calculate The N12 Trillion In 2015 According To The Exchange Rate Of 2014-15 (N180/$1). They Won’t Tell You That Debt Is calculated By US Dollars & That Tells The Real Story. N25.7 Trillion (2019 Debt) Is Calculated By A NGN/USD Exchange Rate Of N360/$1.”
Concluding his response on Nigeria’s debt profile, Ajuri said “we have One Of The Lowest Debt-To-GDP Rates In The World At About 22%. Compared With Ghana (62%) And South Africa (60%). Our Debt Is Not Too High. Our Revenue Is Too Low. That’s Why We Panic When We See Our Revenue Compared To Debt Servicing. We Must Raise Revenue”.